Coinbase Users Can Now Use the Tax Calculator

One of the leading cryptocurrency exchanges Coinbase has launched a tool that allows traders to make up approximate profits and losses that have appeared during trading on the stock exchange.

It’s likely that the tool can help to simplify compliance with tax laws. Since the development can only calculate the results of activities on Coinbase, the tool is not recommended if the trader works with other exchanges or has invested money in the initial coin offerings.

“This tool provides a preliminary gain/loss calculation to assist our customers, but should not be used as official tax documentation without validating the results with your tax professional. “

Actually it is not the first time when Coinbase is implementing such decisions in the field of tax legislation. For example, in January it informed all users that all their activities fell under the laws on capital gains. The company also informs traders if their data are to be transferred to the US Internal Revenue Service.

Regarding the transfer of user data, it is worth noting that this applies to those traders whose annual earnings exceed $20 thousand. Coinbase considers this a victory, since initially the IRS required data from half a million users, but Coinbase managed to challenge this claim successfully.

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An infrastructure in the cryptocurrency industry is developing year after year, it helps to create connection between the real and the digital world. In this article we will talk about exchange services that allow to convert both cryptocurrencies one into another as well as exchange them for usual fiat money. After reading this material, you will know which nuances you should pay special attention to when choosing an exchanger, and how such services work. At the end of the article we will name Top 5 cryptocurrency exchangers that have already proven themselves.

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1. What are cryptocurrency exchangers?

This is the case when the name speaks for itself – these are services, where you can exchange digital coins. Exchangers can be:

Offline. They are necessary for work with cash. Many of them also work when connected to the Internet. To use this service, it is necessary to create a request on the site: select the city, amount, currency, desired coin, and enter your cryptocurrency wallet. After that, it`s needed to go to the specified address and pay in cash. It should be noted that such services are very few and they are often concentrated in large cities only.

Online. This is a site, where you can exchange cryptocurrency for other coins, for fiat or vice versa. They are more popular, and they will be discussed in today’s material.

2. The principle of cryptocurrency exchangers work

The work mechanism of such services is extremely simple. A user creates a request for an exchange, after that the system checks on subject of physical possibility of implementing ( existence of a necessary coin reserve). The system makes a transaction after payment confirmation.

Before paying for an application, it`s necessary to know the work mode of the exchanger:

Manual. Each new operation requires a user to re-enter his data, and then it is manually checked by a person, after this user can make a return payment. Such exchange operation is often delayed for several days.

Semi-Automatic. A user also pays for his order, an operator checks it, but all the rest is done by a system. In this case, a operation often takes from 10 minutes to a couple hours. It all depends on the workload and physical capabilities of a particular exchanger.

Automatic. The user is only required to create templates and payment, the system assumes the rest. This is the fastest exchange option, since an operation takes just a few seconds.

As for anonymity, everything depends on a specific operation. For example, if the user exchanges Bitcoin for Monero (or for any other popular coins), in this case the anonymity is not a big problem. In order to convert one coin into another, only wallet`s address and email are needed. Some exchangers may ask to enter a full name, but if the user`s purpose is anonymity, then he can come up with a fictitious name. In case of a cryptocurrency exchange, these data (full name) does not matter at all.

If you need to transfer Bitcoins to a bank card it is completely another thing. Privacy is out of the question, since it is easy to track the movement on a bank card.

3. The main parameters to consider when choosing an exchanger

There is a huge number of exchange services on the market. Which is good, since the users have a wide choice. But it’s no secret that a certain percentage of exchangers (not only cryptocurrency) are scams. For an exchange procedure to go off smoothly, the service, which will be performing the conversion, should be examined thoroughly. We will describe below how a reliable cryptocurrency exchanger should work and look like:

an exchanger must be at least 12 months old;

it is easy to find the reviews about this service on the Internet, there should be at least 90% of positive comments;

an exchanger has a sufficient funds reserve (from 100 thousand dollar and above);

a service works in automatic or at least semi-automatic mode (due to increased volatility, a delay of 24 hours is an unaffordable luxury on the cryptocurrency market);

service works 24/7;

there is a support service, which works around the clock and ready to solve all issues raised promptly;

a service is presented in the popular aggregator sites list, such as YChanger or BestChange

4. Top 5 exchange services for digital coins

1. www.24paybank.com. This exchanger is one of the most popular services on bestchange. The site supports 10 most popular coins, as well as fiat currencies. The service has several thousand positive reviews and has been working for more than one year.

2. www.baksman.org. This is a fairly large exchange service, which is very popular among the users. The exchanger supports more than 20 different payment systems. Its reserve is about 2 million dollars.

3. www.alphacashier.com. This is one of the most old cryptocurrency exchangers, it began its work back in 2012. The service reputation is confirmed by time. There is a large number of different coins.

4. 365cash.co. This service has been successfully operating for about 4 years, and has more than one thousand positive feedback from users. This is a small bitcoin exchanger, since its reserve is only 0.7 BTC, but this is enough for most transactions.

5. bitochek.net. It is possible to make an exchange operation in just a few clicks with the help of this service. The exchanger has been working not for so long, but has already gained trust of many users.

5. Conclusion

There are many cryptocurrency exchangers on the market. In order to make a successful exchange operation, it is necessary to take the choice of a service with full responsibility. There is no need to chase the most profitable rate, as this may eventually lead to a rather sad consequences. It is necessary to check exchangers for the presence of reviews, and it is better to check similar services on aggregator sites, such as, Best Change or YChanger.

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The cryptocurrency exchange Coinbase has added a long-awaited feature to its system: its users can now buy and sell crypto for crypto directly. The innovation is called Coinbase Convert and is already available at the site Coinbase.com and both Android and iOS apps.

The trading pairs presented at Coinbase were selected based on the feedback of the exchange customers. This move will help the company to involve larger retail audience and engage it in digital trading.

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As it has been reported by the Marketwatch, Erik Finman, a teenager who became a millionaire back in the times when Bitcoin cost 20 thousand dollars, gave a very negative outlook for BTC in the future.

“Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last. It may have a bull market or two left in it, but long-term, its dead,” said Finman.

As for Litecoin, here the teenager is sure that this coin “has been dead for a while”. He also mentioned those coins that, in his opinion, still have a chance at the market, such as Ethereum, ZCash and, surprisingly, Bitcoin Cash.

Although Eric is still very young and not that experienced, the fact that he owned 4 million dollars in BTC in 2011 make his predictions quite reasonable.

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Relatively new blockchain technology is developing quite actively in recent years, which inevitably leads to increase of jobs number in this industry. Considering that, the infrastructure is still not very developed well in this area, it can be assumed that the trend of increased demand for qualified personnel will still remain for many years. In this article we will talk about blockchain specialists, find out who employers are looking for, what average salaries are offered, and in the end we will talk about where to learn this craft.

1. Briefly about blockchain technology

Let us briefly remind what blockchain is, and why many people predict a great future for it? So, in simple words, blockchain is an open (that is, public) registry of data, which is stored in separate blocks and has a chain structure. Each subsequent block stores the information about the previous one. For example, let`s take a usual book, which is divided into separate pages, so after 45, there 46, 47 should go, etc. Attempts to change or delete a block, which has already been entered into blockchain, will immediately be noticed by the network.

The increased security of Blockchain is backed up by data storage. The fact is, that the entire data registry has hundreds of thousands copies (depends on number of miners in network), which are located throughout the world.

2. What experts are now in demand in the industry and how much do they earn?

When it comes to blockchain specialists, most people imagine a highly qualified programmer who knows all the programming languages, Morse code, and the depths of cryptography. But in reality, to be a fairly successful developer, you need to know:

basics of programming;

C ++ language ideally, but this is optional, Python, Java, Golang, etc. will also work.

Having these knowledge and at least minimal experience in programming, one can become a blockchain developer without any particular problems. The wage, in this case, will directly depend on experience, depth of knowledge and a particular company. In Europe and the United States experienced developers can get to $175 thousand per year. But it’s not necessary to be a programmer to work in the blockchain industry. This is not a complete list of vacancies, this young market needs:

Investment Director. It is a key position in any crypto startup, because its main task is to search and work with potential investors. This is a quite difficult job, because now many people are still wary of cryptocurrencies and blockchain as a whole, and they are not in a hurry to invest their savings. The salary depends on the amount of raised funds, from which a certain percentage is given to an investment director.

Marketer, PR manager. As Thomas Macaulay said: “Nothing Except The Mint Can Make Money Without Advertising”. This profession is very relevant absolutely in any field and the blockchain industry is no exception. To succeed in this position, the specialist is obliged to speak several foreign languages, to have experience in international sales. Salaries of the specialists depend on the scope of a project, as well as a marketing record of a marketer.

Bounty manager. The rapid development of the ICO market has led to emergence of brand new professions. This position involves conduction of all processes, interaction and verification of performers for tasks implementation. Salary of these specialists can hardly be called high, it rarely exceeds $1,000.

Crypto analyst. This profession implies the deep knowledges of the cryptocurrency market. An analyst should be able to carry out a fundamental analysis of any coin, and on the basis of this data make his or her own predictions of investments growth. This is one of the most promising areas in the blockchain industry, since the analyst’s wages have no limit. Large investors will be happy to pay a certain percentage of commission to a such specialist for a good tip.

Lawyer. There is literally “a long row to hoe” in the blockchain field for these professionals. The fact is that legislative base here is still at a very early stage of its development and there is still a lot of work to be done in this direction.

3. Where to study for a blockchain specialist?

Higher-education institutions are already training specialists in this direction. A number of leading universities offer introductory courses into blockchain, cryptocurrency, etc.

To master any of the above mentioned professions of the future, you can take online courses on the Internet, the number of which is sufficient now. But when choosing a training program you should be extremely careful and before entrusting your money and time to some “blockchain guru”, read the information about him carefully.

4. Conclusion

The crypto industry differs with a rather rapid pace of development. To work in this area, you must always keep “your eyes open” and be able to adapt quickly to a new circumstances. Every year new professions appear, which offer new opportunities and high wages.